Intrinsic value of Mobile TeleSystems ADR - MBT

Previous Close

$9.46

  Intrinsic Value

$11.84

stock screener

  Rating & Target

buy

+25%

Previous close

$9.46

 
Intrinsic value

$11.84

 
Up/down potential

+25%

 
Rating

buy

We calculate the intrinsic value of MBT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.12
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  7,410
  7,558
  7,732
  7,931
  8,154
  8,401
  8,672
  8,968
  9,287
  9,632
  10,001
  10,397
  10,819
  11,268
  11,746
  12,252
  12,789
  13,358
  13,959
  14,594
  15,264
  15,972
  16,718
  17,504
  18,333
  19,206
  20,125
  21,092
  22,110
  23,181
  24,307
Variable operating expenses, $m
 
  5,894
  6,028
  6,182
  6,354
  6,545
  6,755
  6,983
  7,230
  7,496
  7,781
  8,029
  8,355
  8,702
  9,071
  9,462
  9,877
  10,316
  10,780
  11,270
  11,788
  12,334
  12,911
  13,518
  14,158
  14,832
  15,542
  16,289
  17,075
  17,902
  18,771
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,919
  5,894
  6,028
  6,182
  6,354
  6,545
  6,755
  6,983
  7,230
  7,496
  7,781
  8,029
  8,355
  8,702
  9,071
  9,462
  9,877
  10,316
  10,780
  11,270
  11,788
  12,334
  12,911
  13,518
  14,158
  14,832
  15,542
  16,289
  17,075
  17,902
  18,771
Operating income, $m
  1,491
  1,664
  1,704
  1,749
  1,800
  1,856
  1,918
  1,985
  2,058
  2,136
  2,220
  2,368
  2,464
  2,566
  2,675
  2,790
  2,913
  3,042
  3,179
  3,323
  3,476
  3,637
  3,807
  3,986
  4,175
  4,374
  4,583
  4,803
  5,035
  5,279
  5,535
EBITDA, $m
  2,907
  2,979
  3,047
  3,126
  3,214
  3,311
  3,418
  3,534
  3,660
  3,796
  3,942
  4,098
  4,264
  4,441
  4,629
  4,829
  5,041
  5,265
  5,502
  5,752
  6,016
  6,295
  6,589
  6,899
  7,226
  7,570
  7,932
  8,313
  8,714
  9,136
  9,580
Interest expense (income), $m
  456
  371
  382
  395
  409
  425
  443
  462
  484
  507
  532
  558
  587
  617
  650
  684
  720
  759
  800
  843
  889
  937
  988
  1,042
  1,099
  1,159
  1,222
  1,288
  1,357
  1,431
  1,508
Earnings before tax, $m
  1,150
  1,293
  1,321
  1,354
  1,391
  1,431
  1,475
  1,522
  1,574
  1,629
  1,689
  1,809
  1,877
  1,949
  2,025
  2,106
  2,192
  2,283
  2,379
  2,480
  2,587
  2,700
  2,819
  2,944
  3,076
  3,215
  3,362
  3,516
  3,678
  3,848
  4,028
Tax expense, $m
  258
  349
  357
  366
  375
  386
  398
  411
  425
  440
  456
  489
  507
  526
  547
  569
  592
  616
  642
  670
  698
  729
  761
  795
  831
  868
  908
  949
  993
  1,039
  1,087
Net income, $m
  824
  944
  965
  988
  1,015
  1,044
  1,077
  1,111
  1,149
  1,189
  1,233
  1,321
  1,370
  1,423
  1,478
  1,538
  1,600
  1,666
  1,736
  1,810
  1,889
  1,971
  2,058
  2,149
  2,246
  2,347
  2,454
  2,566
  2,685
  2,809
  2,940

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  461
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  9,260
  8,976
  9,183
  9,419
  9,684
  9,977
  10,300
  10,650
  11,030
  11,439
  11,878
  12,348
  12,849
  13,383
  13,950
  14,551
  15,189
  15,864
  16,578
  17,332
  18,128
  18,969
  19,855
  20,789
  21,773
  22,810
  23,901
  25,050
  26,259
  27,530
  28,868
Adjusted assets (=assets-cash), $m
  8,799
  8,976
  9,183
  9,419
  9,684
  9,977
  10,300
  10,650
  11,030
  11,439
  11,878
  12,348
  12,849
  13,383
  13,950
  14,551
  15,189
  15,864
  16,578
  17,332
  18,128
  18,969
  19,855
  20,789
  21,773
  22,810
  23,901
  25,050
  26,259
  27,530
  28,868
Revenue / Adjusted assets
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
Average production assets, $m
  6,168
  6,288
  6,433
  6,598
  6,784
  6,990
  7,215
  7,461
  7,727
  8,014
  8,321
  8,650
  9,001
  9,375
  9,772
  10,194
  10,641
  11,113
  11,614
  12,142
  12,700
  13,288
  13,909
  14,564
  15,253
  15,979
  16,744
  17,549
  18,395
  19,286
  20,223
Working capital, $m
  -621
  -234
  -240
  -246
  -253
  -260
  -269
  -278
  -288
  -299
  -310
  -322
  -335
  -349
  -364
  -380
  -396
  -414
  -433
  -452
  -473
  -495
  -518
  -543
  -568
  -595
  -624
  -654
  -685
  -719
  -754
Total debt, $m
  4,935
  4,605
  4,756
  4,928
  5,122
  5,337
  5,572
  5,828
  6,106
  6,405
  6,726
  7,069
  7,436
  7,826
  8,240
  8,680
  9,146
  9,640
  10,161
  10,713
  11,295
  11,909
  12,557
  13,240
  13,959
  14,717
  15,515
  16,354
  17,238
  18,168
  19,146
Total liabilities, $m
  6,892
  6,562
  6,713
  6,885
  7,079
  7,294
  7,529
  7,785
  8,063
  8,362
  8,683
  9,026
  9,393
  9,783
  10,197
  10,637
  11,103
  11,597
  12,118
  12,670
  13,252
  13,866
  14,514
  15,197
  15,916
  16,674
  17,472
  18,311
  19,195
  20,125
  21,103
Total equity, $m
  2,368
  2,415
  2,470
  2,534
  2,605
  2,684
  2,771
  2,865
  2,967
  3,077
  3,195
  3,322
  3,456
  3,600
  3,752
  3,914
  4,086
  4,267
  4,459
  4,662
  4,877
  5,103
  5,341
  5,592
  5,857
  6,136
  6,429
  6,738
  7,064
  7,406
  7,765
Total liabilities and equity, $m
  9,260
  8,977
  9,183
  9,419
  9,684
  9,978
  10,300
  10,650
  11,030
  11,439
  11,878
  12,348
  12,849
  13,383
  13,949
  14,551
  15,189
  15,864
  16,577
  17,332
  18,129
  18,969
  19,855
  20,789
  21,773
  22,810
  23,901
  25,049
  26,259
  27,531
  28,868
Debt-to-equity ratio
  2.084
  1.910
  1.930
  1.950
  1.970
  1.990
  2.010
  2.030
  2.060
  2.080
  2.100
  2.130
  2.150
  2.170
  2.200
  2.220
  2.240
  2.260
  2.280
  2.300
  2.320
  2.330
  2.350
  2.370
  2.380
  2.400
  2.410
  2.430
  2.440
  2.450
  2.470
Adjusted equity ratio
  0.217
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269
  0.269

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  824
  944
  965
  988
  1,015
  1,044
  1,077
  1,111
  1,149
  1,189
  1,233
  1,321
  1,370
  1,423
  1,478
  1,538
  1,600
  1,666
  1,736
  1,810
  1,889
  1,971
  2,058
  2,149
  2,246
  2,347
  2,454
  2,566
  2,685
  2,809
  2,940
Depreciation, amort., depletion, $m
  1,416
  1,315
  1,344
  1,377
  1,414
  1,455
  1,500
  1,550
  1,603
  1,660
  1,722
  1,730
  1,800
  1,875
  1,954
  2,039
  2,128
  2,223
  2,323
  2,428
  2,540
  2,658
  2,782
  2,913
  3,051
  3,196
  3,349
  3,510
  3,679
  3,857
  4,045
Funds from operations, $m
  1,415
  2,259
  2,308
  2,365
  2,429
  2,500
  2,577
  2,661
  2,752
  2,849
  2,954
  3,051
  3,170
  3,298
  3,433
  3,576
  3,728
  3,889
  4,059
  4,239
  4,428
  4,629
  4,840
  5,062
  5,296
  5,543
  5,803
  6,076
  6,364
  6,666
  6,985
Change in working capital, $m
  -806
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
Cash from operations, $m
  2,221
  2,263
  2,314
  2,372
  2,436
  2,507
  2,585
  2,670
  2,762
  2,860
  2,966
  3,063
  3,184
  3,312
  3,448
  3,592
  3,745
  3,907
  4,078
  4,259
  4,449
  4,650
  4,863
  5,086
  5,322
  5,570
  5,831
  6,106
  6,395
  6,700
  7,020
Maintenance CAPEX, $m
  0
  -1,234
  -1,258
  -1,287
  -1,320
  -1,357
  -1,398
  -1,443
  -1,492
  -1,545
  -1,603
  -1,664
  -1,730
  -1,800
  -1,875
  -1,954
  -2,039
  -2,128
  -2,223
  -2,323
  -2,428
  -2,540
  -2,658
  -2,782
  -2,913
  -3,051
  -3,196
  -3,349
  -3,510
  -3,679
  -3,857
New CAPEX, $m
  -1,421
  -121
  -145
  -165
  -186
  -206
  -226
  -246
  -266
  -287
  -308
  -329
  -351
  -374
  -397
  -422
  -447
  -473
  -500
  -528
  -558
  -589
  -621
  -654
  -689
  -726
  -765
  -805
  -847
  -891
  -937
Cash from investing activities, $m
  -975
  -1,355
  -1,403
  -1,452
  -1,506
  -1,563
  -1,624
  -1,689
  -1,758
  -1,832
  -1,911
  -1,993
  -2,081
  -2,174
  -2,272
  -2,376
  -2,486
  -2,601
  -2,723
  -2,851
  -2,986
  -3,129
  -3,279
  -3,436
  -3,602
  -3,777
  -3,961
  -4,154
  -4,357
  -4,570
  -4,794
Free cash flow, $m
  1,246
  909
  912
  920
  931
  945
  962
  981
  1,003
  1,028
  1,055
  1,070
  1,102
  1,138
  1,175
  1,216
  1,259
  1,306
  1,355
  1,407
  1,463
  1,522
  1,584
  1,650
  1,720
  1,793
  1,871
  1,953
  2,039
  2,130
  2,225
Issuance/(repayment) of debt, $m
  -502
  131
  151
  173
  194
  215
  235
  256
  278
  299
  321
  343
  366
  390
  415
  440
  466
  493
  522
  551
  582
  614
  648
  683
  719
  758
  798
  840
  884
  930
  978
Issuance/(repurchase) of shares, $m
  -13
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -514
  131
  151
  173
  194
  215
  235
  256
  278
  299
  321
  343
  366
  390
  415
  440
  466
  493
  522
  551
  582
  614
  648
  683
  719
  758
  798
  840
  884
  930
  978
Total cash flow (excl. dividends), $m
  643
  1,040
  1,062
  1,092
  1,125
  1,160
  1,197
  1,238
  1,281
  1,327
  1,376
  1,413
  1,469
  1,528
  1,590
  1,656
  1,726
  1,799
  1,877
  1,959
  2,045
  2,136
  2,232
  2,333
  2,439
  2,551
  2,669
  2,792
  2,922
  3,059
  3,203
Retained Cash Flow (-), $m
  355
  -47
  -56
  -63
  -71
  -79
  -87
  -94
  -102
  -110
  -118
  -126
  -135
  -144
  -153
  -162
  -172
  -182
  -192
  -203
  -214
  -226
  -238
  -251
  -265
  -279
  -294
  -309
  -325
  -342
  -360
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  993
  1,007
  1,029
  1,053
  1,081
  1,111
  1,143
  1,179
  1,217
  1,258
  1,287
  1,334
  1,384
  1,437
  1,494
  1,554
  1,618
  1,685
  1,756
  1,831
  1,910
  1,994
  2,082
  2,174
  2,272
  2,375
  2,483
  2,597
  2,717
  2,843
Discount rate, %
 
  5.50
  5.78
  6.06
  6.37
  6.69
  7.02
  7.37
  7.74
  8.13
  8.53
  8.96
  9.41
  9.88
  10.37
  10.89
  11.43
  12.01
  12.61
  13.24
  13.90
  14.59
  15.32
  16.09
  16.89
  17.74
  18.62
  19.56
  20.53
  21.56
  22.64
PV of cash for distribution, $m
 
  941
  900
  862
  823
  782
  739
  695
  649
  603
  555
  501
  454
  407
  361
  317
  275
  235
  199
  165
  136
  109
  87
  67
  51
  38
  28
  20
  14
  9
  6
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Mobil'nye Telesistemy PAO is a Russia-based provider of telecommunications services. The Company provides mobile and fixed-line voice and data telecommunications services, including data transfer, broadband, pay-television (pay-TV) and various value-added services, as well as selling equipment and accessories. The Company operates through segments, which include Russia convergent, Moscow fixed line and Ukraine. Its Russia Convergent segment includes mobile and fixed-line operations, which encompasses services rendered to customers across regions of Russia, including voice and data services, transmission, broadband, pay-TV and other value-added services. Its Moscow fixed-line segment includes fixed-line operations carried out in Moscow by the Company's subsidiary MGTS. Its Ukraine segment includes mobile and fixed-line operations carried out across multiple regions of Ukraine. The Company also offers software solutions, such as LiteBox, a cloud-based tool for online cash operations.

FINANCIAL RATIOS  of  Mobile TeleSystems ADR (MBT)

Valuation Ratios
P/E Ratio 22.8
Price to Sales 2.5
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 8.5
Price to Free Cash Flow 23.5
Growth Rates
Sales Growth Rate 2.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.1%
Cap. Spend. - 3 Yr. Gr. Rate 0.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 172.3%
Total Debt to Equity 208.4%
Interest Coverage 4
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 11.5%
Return On Total Capital 10.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 32.4%
Return On Equity - 3 Yr. Avg. 31.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 59.3%
Gross Margin - 3 Yr. Avg. 61.6%
EBITDA Margin 40.8%
EBITDA Margin - 3 Yr. Avg. 39.6%
Operating Margin 20.1%
Oper. Margin - 3 Yr. Avg. 22.1%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 11.1%
Net Profit Margin - 3 Yr. Avg. 11.7%
Effective Tax Rate 22.4%
Eff/ Tax Rate - 3 Yr. Avg. 23%
Payout Ratio 109%

MBT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MBT stock intrinsic value calculation we used $7410 million for the last fiscal year's total revenue generated by Mobile TeleSystems ADR. The default revenue input number comes from 2016 income statement of Mobile TeleSystems ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MBT stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.5%, whose default value for MBT is calculated based on our internal credit rating of Mobile TeleSystems ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Mobile TeleSystems ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MBT stock the variable cost ratio is equal to 78%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for MBT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.3% for Mobile TeleSystems ADR.

Corporate tax rate of 27% is the nominal tax rate for Mobile TeleSystems ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MBT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MBT are equal to 83.2%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Mobile TeleSystems ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MBT is equal to -3.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2368 million for Mobile TeleSystems ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 932.51 million for Mobile TeleSystems ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Mobile TeleSystems ADR at the current share price and the inputted number of shares is $8.8 billion.

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Financial statements of MBT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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